Exercise 9-14 earl Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. nventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 161,900 697,000 31,400 924,000 73,200 12,100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at Hay 31 LINK TO TEXT LINK TO VIDEO Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to o decimal places, eg. 6,225.) The estimated inventory at May 31
Exercise 9-14 earl Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. nventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts $ 161,900 697,000 31,400 924,000 73,200 12,100 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at Hay 31 LINK TO TEXT LINK TO VIDEO Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost. (Round percentage of sales to 2 decimal places, eg. 78.74% and final answer to o decimal places, eg. 6,225.) The estimated inventory at May 31
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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